Nabteb 2016 Financial accounting  Essay and Obj & Theory Answer Now Available -MAY/JUNE

 

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5)

REALISATION OF ACCOUNT*

TABULATE

*BOOK VALUE:*

-Motor Vehicle 2,400

-Stock 1,750

-Debtors 2,900

-Cost Of Discount 270

 

*Account Realised*:

-Motor Value 1,800

-Stock 1,560

-Debtors 2,700

-Discount Received 60

-Share Of Loss

-Chinyere ( * 1,200) 800

-Bola ( * 1200) 400

Total =7,320

 

3)

Sales Ledger control A/C

Debit side:

Balance ff(10000)

sales(60000)

dishonoured cheque(2000)

7000

credit side:

bad debt(800)

returns(4000)

discount allowed(400)

cash received(20,000)

interest charged(100)

bal c/d(46700)

72000

Purchases ledger a/c

debit side:

bal off(240)

cash paid(16000)

returns outward(800)

Discount rec(1000)

bal c/d(17960)

36000

credit side:

purchases (36000)

36000

 

4)

Trading profit and loss account

Debit side:

opening stock(10000)

Add purchases(15000)

25000

closing stock(15000)

cost of used sold(10000)

gross profit(15000)

25000

over expenses

expensses(5000)

net profit(10000)

credit side:

sales(25000)

25000

gross profit b/d(15000)

15000

 

4a)

cost of good sold=N10,000

4b)

net profit percentage=

net profit/sales * 100

=10000/25000 * 100

=0.4*100

=40%

4c)

acid-test ratio=

current asset-ravector/current liabilities

=20000-15000 /2500

=5000/2500

=2

4d)

curren t ratio=

current asset/current liabilites

=20000/2500

=20000/2500

=8

4e)

working capital=

current asset- current liabilities

=20000-2500

=N17500

4f)

gross profit percentage=

gross profit/sales * 100

=15000/25000 * 100

=0.6 * 100

=60%

 

6)

A trial balance as at 31st dec 2009

Particulars:

capital Cr(14000)

Sales cr(10000)

fixtures & fittings Dr(3000)

purchases Dr (8500)

wages Dr(500)

Rates DR(800)

Electricity Dr(1000

Cash A/c Dr(135200)

debtors Dr (4000

1a)

TABULATE

i)called up capital: this is the total amount which has actually been called up on the issued share capital

ii)paid up capital this is total amount actually paid or payable on the share is known as the paid-up capital

1b)

i)right to shareholders

ii)conduct of general meeting

iii)appointment of directors

iv)payment of dividend

v)determination of class of share

1c)

tabulate

i)real account:

-land and building

-machinery

ii)normal account

-electricity

-salaries

-recorded delivery expensives

-mtn calls

-accrued expensives

-insurance

iii)presnt account

-creditor

 

2a)

i)retained saving

ii)load stock

iii)government sources

iv)new share issue

v)venture capital

2b)

i)storage

ii)accuracy

iii)versatility

iv)automatic

v)diligence

i)storage:it has internal and external storage facilities.it can store large volume of information because of it large memory capacity

ii)accuracy: the are extremely accurate devices.it does not make mistake except there are errors in the input data.one can rely on its accuracy and consistency

iii)versatility:it can be used for a wide range of task depending on how they are programmed,there is no task it cannot perform

iv)automatic: once data are programmed into the computer it will perform its task automatically

v)diligence:it can never be tired and it will perform all operation exactlly at the same speed and accuracy.

 

 

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